{"id":1324,"date":"2017-10-24T21:48:21","date_gmt":"2017-10-24T21:48:21","guid":{"rendered":"https:\/\/madaresharghi.com\/saudi-arabia-determined-to-end-crude-oil-oversupply\/"},"modified":"2017-10-24T21:48:21","modified_gmt":"2017-10-24T21:48:21","slug":"saudi-arabia-determined-to-end-crude-oil-oversupply","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/saudi-arabia-determined-to-end-crude-oil-oversupply\/","title":{"rendered":"Saudi Arabia Determined to End Crude Oil Oversupply"},"content":{"rendered":"<p><a href=\"http:\/\/madaresharghi..com\">madaresharghi<\/a><br \/>\n<\/p>\n<p> \tThe world\u2019s top oil exporter Saudi Arabia is determined to reduce inventories further through an OPEC-led deal to cut crude output and raised the prospect of prolonged restraint once the pact ends to prevent a buildup in excess supplies.<br \/> \tSaudi Energy Minister Khalid al-Falih, speaking during an investment conference in Riyadh, said on Tuesday the focus remained on reducing the level of oil stocks in OECD industrialized countries to their five-year average, Reuters reported. The Organization of Petroleum Exporting Countries, plus Russia and nine other producers, have cut oil output by about 1.8 million barrels per day since January. The pact runs to March 2018, but they are considering extending it.<br \/> \t\u201cWe are very flexible; we are keeping our options open. We are determined to do whatever it takes to bring global inventories down to the normal level which we say is the five-year average,\u201d Falih told Reuters.<br \/> \tThe market has been concerned that, once the supply cut deal comes to an end, producers will ramp up supplies again, causing prices to fall. But Falih raised the prospect of continued output restraint to prevent this.<br \/> \t\u201cWhen we get closer to that (five-year average) we will decide how we smoothly exit the current arrangement, maybe go to a different arrangement to keep supply and demand closely balanced so we don\u2019t have a return to higher inventories.\u201d<br \/> \tThe oil price has recovered from below $30 a barrel at the start of 2016 to trade above $57 on Tuesday, and rose after Falih\u2019s comments. Oil remains, however, at half its price in mid-2014. Reuters reported last week, citing OPEC sources, that producers were leaning toward extending the deal for nine months, although any decision could be postponed until early next year depending on the market.<br \/> \tFalih did not comment on an extension, but said the cuts had reduced the supply overhang in storage by half.<br \/> \t\u201cWe have reduced the inventories by over 180 million barrels and we still have about 160 million barrels according to numbers I have seen last,\u201d he told Reuters.<br \/> \t\u201cThe intent is to keep our hands on the wheel between now and until we get to a balanced market and beyond. We are not going to do anything that is going to disrupt the path we are on,\u201d he added.<\/p>\n<p> \t\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>madaresharghi The world\u2019s top oil exporter Saudi Arabia is determined to reduce inventories further through an OPEC-led deal to cut crude output and raised the prospect of prolonged restraint once the pact ends to prevent a buildup in excess supplies. Saudi Energy Minister Khalid al-Falih, speaking during an investment conference in Riyadh, said on Tuesday [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,8],"tags":[639],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Saudi Arabia Determined to End Crude Oil Oversupply - madaresharghi | An Analytical Look at Middle Eastern Developments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madaresharghi.ir\/en\/saudi-arabia-determined-to-end-crude-oil-oversupply\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi Arabia Determined to End Crude Oil Oversupply - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi The world\u2019s top oil exporter Saudi Arabia is determined to reduce inventories further through an OPEC-led deal to cut crude output and raised the prospect of prolonged restraint once the pact ends to prevent a buildup in excess supplies. Saudi Energy Minister Khalid al-Falih, speaking during an investment conference in Riyadh, said on Tuesday [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/madaresharghi.ir\/en\/saudi-arabia-determined-to-end-crude-oil-oversupply\/\" \/>\n<meta property=\"og:site_name\" content=\"madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"article:published_time\" content=\"2017-10-24T21:48:21+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\">\n\t<meta name=\"twitter:data1\" content=\"2 minutes\">\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/madaresharghi.ir\/en\/#website\",\"url\":\"https:\/\/madaresharghi.ir\/en\/\",\"name\":\"madaresharghi | An Analytical Look at Middle Eastern Developments\",\"description\":\"madaresharghi | An Analytical Look at Middle Eastern Developments\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/madaresharghi.ir\/en\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/madaresharghi.ir\/en\/saudi-arabia-determined-to-end-crude-oil-oversupply\/#webpage\",\"url\":\"https:\/\/madaresharghi.ir\/en\/saudi-arabia-determined-to-end-crude-oil-oversupply\/\",\"name\":\"Saudi Arabia Determined to End Crude Oil Oversupply - madaresharghi | An Analytical Look at Middle Eastern Developments\",\"isPartOf\":{\"@id\":\"https:\/\/madaresharghi.ir\/en\/#website\"},\"datePublished\":\"2017-10-24T21:48:21+00:00\",\"dateModified\":\"2017-10-24T21:48:21+00:00\",\"author\":{\"@id\":\"https:\/\/madaresharghi.ir\/en\/#\/schema\/person\/c52e345120843d5f259215c4e809cdd2\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/madaresharghi.ir\/en\/saudi-arabia-determined-to-end-crude-oil-oversupply\/\"]}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/madaresharghi.ir\/en\/#\/schema\/person\/c52e345120843d5f259215c4e809cdd2\",\"name\":\"administrator\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/madaresharghi.ir\/en\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/901309319175b0d219e688b01909d220?s=96&d=mm&r=g\",\"caption\":\"administrator\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","_links":{"self":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/posts\/1324"}],"collection":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/comments?post=1324"}],"version-history":[{"count":0,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/posts\/1324\/revisions"}],"wp:attachment":[{"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/media?parent=1324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/categories?post=1324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/madaresharghi.ir\/en\/wp-json\/wp\/v2\/tags?post=1324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}